Tax Moves That Maximize Your 2012 Return

2/7/2013 11:29AM

There are several credits and deductions Americans should take this tax season that can maximize their tax returns. Plus: What's the impact of the Affordable Care Act? The Tax Institute at H&B Block executive director Kathy Pickering joins Markets Hub. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... I ... maybe you will look like him or the ... high priced tax lawyers to help shield to all your money offshore I ... need to do it on your own ... we're here to help clear during the market to help you who is Elizabeth think the Pickering from the taxes to the ITAR block ... with some good tips about the tax code what you can do how you can take advantage of some of these credits ... can be high just let's dive right into it where some of the biggest ones of people should be looking for ... so with the end of the fiscal cliff negotiations and there were a lot of tax provisions ... that God extended or passed ... and so what we really China highlight for people is three different categories ... there's an education credits that mind the attention to ... this and things if you are impacted by either superstorm steed BND or some other emergency ... with Eucharistic as the losses ... and also some energy credits ... so with regards to the education credit specifically the American Opportunity Credit ... Suisse twenty five hundred dollars per student the camel toe kids in college that helped alot ... aam also there is a thousand dollars child tax credits ... and has a four thousand dollar to its new fees deduction those can be really important ... superstorm Sandy ... you can find all your casualty loss is as an amendment to two thousand eleven return ... so ... if you'd want if you have to get some money now ... you can file an in and make it that process started so they don't have to wait ... until later in the season when you file your tax return for sample this and delayed tax foreigners if he had to wait for any of those ... get that money started now for the casualty losses is kind of a ... unique check ... and then with energy credits they extended the residential energy credits soap ... making those energy efficient improvements in your home up to five hundred dollars if you haven't taken advantage of the ... now ... is it any impact to do this to this year from the Affordable Health Care REIT ... well believe there are a lot of things that were encouraging people to do right now which is get educated and start understanding ... you will need to have healthcare coverage in two thousand fourteen ... if you don't have it is on the need to understand right now either when will you be eligible for a subsidy ... Orwell's the penalty be if you don't have coverage says this the year to get educated ... by two thousand twelve tax return ... that gets your household income established ... and get to set up for what you need to do in the coming year ... and then ... on the show we talked forever about the whole tax fight Washington area ... what do people need to know about tax season ... of to treat all tax season Helen affected by everything going on and so it meant that the IRS needed more time to program their systems and fell in a very un usual starts this season they weren't accepting filing ... aam electronic filing until January thirty if they're up and running now ... there's still a few farms that are delayed up from ninety eight percent of filers thing go ahead and file their returns right now that I can I actually of all my information with you ... the company earlier this year given to me and knows it too soft and if you meet them help are happy to help with that too ... a great age are unlikely to block appreciate it